News Pulse for June 14, 2018

A daily download of SME, startup, fintech and tax news from around Australia.

Food delivery company Foodora facing “unquestionably significant” legal action over alleged sham contracting 

Food delivery startup Foodora has been accused of sham contracting and worker underpayment by the Fair Work Ombudsman (FWO) in a case that has been called “unquestionably significant” for the future of Australia’s gig economy.

Yesterday the FWO filed legal action against Foodora in the Federal Court in relation to the engagement of two bike delivery riders in Melbourne, and one car delivery driver in Sydney.

Facebook rejects SCA boss’ accusation of misleading small business advertisers

Facebook has defended its Community Boost program against claims its team is misrepresenting the effectiveness of radio and television against online advertising.

Speaking to Fairfax earlier this week , Southern Cross Austereo’s (SCA) CEO Grant Blackley claimed Facebook considered small and medium enterprises to be a ‘goldmine’ for potential advertising dollars, with the social media company misrepresenting its market reach and effectiveness.

ASIC warns banks against being too tricky

The Australian Securities and Investments Commission has lashed the banks for their take-no-prisoners approach to negotiations and failing to live up to lofty advertising promises in a submission to the Hayne royal commission.

The corporate regulator said the behaviour was at odds with core values commonly articulated by the banks such as being customer focused or acting with integrity. ASICAustralian Securities and Investments Commission (ASIC) is Australia’s corporate, markets and financial services regulator. asic.gov.au said these values were not always reflected in the conduct of the banks and were little more than sloganeering.

Murdoch-backed tech startup sinks into administration, saying it has been crushed by Google

Australian media startup Unlockd has gone into administration after a battle with Google, which tried to disable its ad content and ban its app from the Play Store.

The Unlockd app, which is backed by Rupert Murdoch’s son Lachlan, lets mobile users view ads, content, and offers based on their interests in exchange for rewards. It is only available on Android.

Treasury wary of loan changes

The federal Treasury has warned that the removal of non-monetary default clauses in loan contracts could lead to undesirable outcomes, such as higher interest rates and loans with shorter durations.

In submissions lodged yesterday with the financial services royal commission, the major banks supported the right to terminate a loan on the basis of non-monetary defaults.

Fintech’s brightest celebrated

Australia’s fintech industry has recognised its best and brightest, with the founder and CEO of Brighte Katherine McConnell named Australia’s outstanding fintech leader of the year.

Ms McConnell founded Brighte in 2015 after a 16-year career in investment banking and

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